China to build charging stations for 5 million electric cars

BEIJING: China today said it will build a nationwide charging-station network to cater to the power demands of five million electric vehicles by 2020, a move to provide big thrust to the battery powered car sales.

The network will cover residential areas, business districts, public space and inter-city highways, a set of guidelines approved by the central cabinet said.

Under the guidelines, new residential complexes should build charging points or assign space for them, while public parking lots should have no less than 10 per cent of parking spaces with charging facilities.

There should be at least one public charging station for every 2,000 NEVs, the guideline said.

To finance the project, the government will encourage private investment, allow charger manufacturers to issue corporate bonds and seek investment from pension funds.

Following the announcement, shares in charging companies were favoured by investors during today's morning session.

“To save the environment and to fight climate change, my government has planned a major campaign. By 2022, we want to generate 175 GW of renewable energy. In the last three years, we have already achieved 60 GW or around one-third of this target,” he said.